Now we know where the bank profits come from

Regarding Advocate story: BMO cuts 1,100 jobs after Q2 profit sags 44 per cent to $358M; beats expectations

Regarding Advocate story: BMO cuts 1,100 jobs after Q2 profit sags 44 per cent to $358M; beats expectations

We sold our home last week and I was thinking how lucky we were to sell a home! Imagine my surprise when we got a phone call from our lawyer telling me that the penalty was $15,000!

That’s right, apparently the banks weren’t making enough money on the mortgages so now that interest rates have dropped, they changed the way they are calculating their penalty. . . so depending on your interest rate and months left on your mortgage now that determines what the penalty is.

Imagine my surprise, since we checked in November and were told it was $4,800, and in a few months it’s jumped to 15,000.00! And I am to feel sorry for who? The banks that are still making a profit of $358 million — in one quarter… For shame!

For the record, we were just about halfway through a 5-year closed mortgage.

Debbie York

Red Deer

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